Intact Investment Management Inc. Sells 152,738 Shares of Teck Resources Limited (NYSE:TECK)

Intact Investment Management Inc. lowered its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 67.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,654 shares of the basic materials company’s stock after selling 152,738 shares during the period. Intact Investment Management Inc.’s holdings in Teck Resources were worth $3,026,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Amundi increased its stake in Teck Resources by 5.6% during the 4th quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after acquiring an additional 791,725 shares during the period. Principal Financial Group Inc. raised its holdings in Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Teck Resources by 2.0% in the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock valued at $269,956,000 after acquiring an additional 127,348 shares in the last quarter. AMF Tjanstepension AB raised its holdings in Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after acquiring an additional 1,467,516 shares in the last quarter. Finally, FMR LLC raised its holdings in Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James dropped their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, Bank of America lifted their price objective on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Trading Up 4.1 %

Shares of TECK stock opened at $42.16 on Friday. The firm has a market capitalization of $20.94 billion, a P/E ratio of 76.66 and a beta of 0.93. Teck Resources Limited has a twelve month low of $36.54 and a twelve month high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock’s fifty day simple moving average is $41.68 and its 200 day simple moving average is $45.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, sell-side analysts predict that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.0879 per share. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.83%. Teck Resources’s dividend payout ratio is currently 61.82%.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.